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SIRIM Tech Venture, MIDA firm up partnership in tech projects

SIRIM Tech Venture, MIDA firm up partnership in tech projects

06 Sep 2021

SIRIM Bhd’s subsidiary SIRIM Tech Venture Sdn Bhd (STV) has signed a memorandum of understanding (MoU) with Malaysian Investment Development Authority (MIDA) to foster long-term business collaboration in technology-driven projects.

The MoU enables STV to tap into MIDA’s business connections with investors, local large corporations and small and medium enterprises (SMEs) seeking innovation while MIDA will facilitate business leads to STV on technology-driven projects and provide funding and government incentives advisory to STV.

In a statement, STV said it offers technology assessment, IP valuation, market feasibility study, market accessibility via linking up with other subsidiaries, among others, to businesses.

SIRIM president and group CEO Datuk Dr Ahmad Sabirin Arshad said the collaboration, among other things, would provide MIDA with direct access on available technology solutions by SIRIM available to be utilised by variouus industries.

Various industries will be the direct beneficiaries of this collaboration including various financing (options) for product or technology adoption through investment on new and future technology in order to achieve technology-led growth.

“With the MoU, technology adoption that can be explored include in the areas of Industry 4.0, fabrication of machinery and equipment and renewable energy, medical devices, environmental technology and waste-to-wealth.

“Through MIDA, we hope that STV can work with medium-size industries. STV can provide consultancy and technical assistance to potential local industry in technology, recommending proposals for the application of SIRIM’s technology, innovative solution or adoption of other technology to a specific target group,” he said.

The engagements between MIDA and STV had commenced since 2019, with MIDA linking STV to several industries and STV plays active roles in bridging them to other relevant technology centre or subsidiary of SIRIM. 

Source: The Sun Daily

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